We’re not talking about mere millionaires here. The high net worth individuals are a class far above that.
In this article, we’ll go over some of the extravagant things these people spend their money on.
1)Private Island
A private island is a dream of many. For some, it’s the ultimate status symbol and there are several celebrities who have made their own little slice of heaven.
High Net Worth Individuals have more money than most people could ever dream of, but they also have the means to spend it on stuff that many people wouldn’t even consider a thing.
Yes, private islands are a thing. They’re a thing that some insanely rich people have, and they’re exactly what they sound like: an entire island where you can do whatever you want.
If you’re thinking that this is the ultimate privilege, then you’re right. These islands provide a complete sanctuary for their owners and their guests, who get to live like royalty for as long as they wish.
2)Private Jets
The ultra-rich do not mind spending millions of dollars on private jets. Not only does it provide them with safety, but also comfort and luxury.
A private jet usually comes with a price tag of $3 million to $90 million, depending on various factors such as the model and age of the aircraft, its range and performance, and level of customization. Some of the well-known companies that manufacture private jets are Gulfstream, Bombardier, and Cessna Aircraft Company.
The average cost of a charter flight on a light jet (for four people) is $2,100 per hour plus expenses such as catering, landing fees, and taxes. If you want to fly in style, however, it will cost you even more. A large cabin jet can easily cost $10,000 per hour or more.
3) Rare and Expensive Cars
The moment you really start to make some money, you may think of buying a nice car. And when you become a multi-millionaire, the only thing that comes to your mind is owning a Ferrari or Lamborghini.
However, high net worth individuals (HNWI) don’t consider these two cars as precious and valuable. What they want to own are extremely rare and expensive cars that cannot be seen on the streets.
A new car is often a prized possession for anyone who can afford it. For those with plenty of money, though, a luxurious model doesn’t have to be something that you simply drive around town. Some of the most expensive cars are meant to be showcased as a work of art as much or more than they are meant to be driven.
4) Private Chefs
Having a personal chef is one of the ultimate luxuries in life. Being able to have a private chef and eating fresh meals at home any time of the day that is tailored specifically to your taste, is the pinnacle of success.
Private chefs typically work for wealthy families and high net worth individuals, but they usually do not live with their employers. They will either come to their client’s homes on a daily basis or stay at their employer’s houses for a few days at a time.
The majority of these chefs are self-employed, but some may be employed by an agency that manages household staff for ultra-high networth families, such as domestic staffing agencies like Imperial Nannies.
Private chefs are responsible for all aspects of food preparation in the home. They may even be asked to plan weekly menus and order supplies from local food vendors or grocery stores. If they live with their employers, they may also be required to clean up after meals.
Chefs who work for wealthy families may also be responsible for other duties related to food preparation, such as setting the table and serving guests who are visiting the family’s home.
The average salary for all private chefs is $52,000, according to the Bureau of Labor Statistics (BLS).
5) Multi-Million Dollar Homes
A multi-million dollar home is a dream home for most people. But it’s a reality for millionaires and billionaires. They buy multi-million dollar homes to show off their wealth, but also because they can afford it.
High net worth individuals are willing to spend millions on homes that not only look luxurious but also offer them the best amenities and services.
The main purchase for the super wealthy is home, says the Luxury Institute’s chief executive Milton Pedraza. The institute surveys wealthy consumers about their shopping habits.
“They buy multi-million dollar homes,” he says. “They tend to have a lot of properties.”
6)Yachts
A yacht is a big-ticket item that most people can only dream of owning. But for the ultra-wealthy, yachts are an essential part of their lifestyle, and they come in all shapes and sizes.
When you’re wealthy, a yacht is the ultimate status symbol. Not only do they allow you to live on the water but they let you travel in style and comfort.
In other words, a yacht is a quintessential billionaire toy. It’s a floating hotel, where you can bring your friends and travel in style to exotic destinations. In 2017 alone, there were 54 new yachts delivered that cost more than $30 million each.
7) Sports and Yacht Clubs Membership
Membership in a posh yacht or sports club is a status symbol for the wealthy, and it’s one of the top items on their wish lists.
Sports and yacht clubs are perfect for HNWIs who want to spend their money on an experience that brings them in contact with other people. They enjoy the competition of tennis, golf, or polo, or the luxury of a private beach, swimming pool, and bar. They also benefit from being invited to other members’ parties or events.
Fishing trips and cruises are the ideal vacations for HNWIs who want to travel in style but don’t particularly enjoy crowds. Fishing trips can cost upwards of $300,000 and cruises can easily reach into the millions.
8) Mansions and Penthouses
The high net worth are known for owning extravagant homes. From penthouse apartments in New York City to multi-million dollar mansions in Los Angeles, this elite group of individuals can afford some of the most expensive real estate in the world.
In reality, though, they don’t really need to worry about where they’re going to sleep each night or how they’re going to feed themselves or their families.
Their lives are so different from ours that we can barely even imagine what it’s like. It’s certainly hard for us to comprehend how some of these people manage to find ways to spend all the money they make.
9) Extravagant Weddings
Extravagant weddings are very common in the high net worth individual world. People seem to go to extremes when it comes to planning the perfect wedding. With the wedding industry growing, there are more and more options for couples to plan their special day.
A wedding planner can be a big help in planning a wedding, but it can also be very expensive. Wedding planners usually charge a flat fee ranging between $5,000 and $10,000, depending on the size of the event and how much work they will be doing.
Billionaires and high net worth individuals hold their weddings at prestigious venues such as castles, hotels or private mansions or estates. Of course, some billionaires don’t even have to rent these locations; they simply use their own homes for their weddings.
The guests are equally exclusive — high profile politicians, celebrities, and sports stars are often invited to billionaire weddings. Some of these guests even bring along their own entourage, which helps give the occasion an extra sense of grandeur and extravagance.
10) Art and Antiques
Wealthy people love to invest in art and antiques, but not just any old Picasso or Rembrandt will do.
A report also shows that art and antiques are the most popular collectible among the HNWIs, with more than half of them having collections.
In addition, many HNWIs have private art galleries in their homes, according to the report.
High net worth individuals spend an average of $15,000 on art and antiques every year. Collectors can expect to pay more, with some spending millions on large collections.
Although $5 million is a lot of money, it’s not enough to buy a private jet or yacht. However, it is enough to buy a luxury car and a closet full of designer clothes.
HNWIs typically spend significant portions of their income on art, antiques, and jewelry. Many choose to invest in these items rather than stocks and bonds because the value of the items tends to increase over time.
Conclusion
The HNWI lifestyle demonstrates that there are a great many ways to live a high life, whatever your income level.
When developing their own luxury brands, these ultra-rich people have been able to meet their own unique needs regarding where they travel, eat and drink, and how they entertain themselves.
As a result, they’ve created a niche entirely of their own—a niche in which they can pursue a luxury lifestyle in much the same way that middle-class men and women can follow traditional career paths.
And if their efforts are any indication of what the future holds for the market of ultra-luxurious goods and services, it looks like we’re headed for quite an extravagant future.